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14 C D E F G ANTIP 10 Information Nicholas and Rudy agree to form a partnership on January 1, 2019. Nicholas has operated a business a sole proprietorship for a number of years and will contribute the net assets of his business to the partnership. The 11 appraised value of the net assets in Nicholas's business are given below. 12 13 Cash $ 6,000 Receivables 12,000 15 Inventory 24,000 16 Property, plant & equipment 75,000 17 Accounts payable (10,000) 18 Accrued liabilities (23,000) 19 Mortgage payable (35,000) 20 Net Assets s 49,000 21 22 Rudy has significant experience in marketing and will 23 contribute cash in the amount of s 45,000 24 25 Nicholas and Rudy agree to begin operations with capital balances equal to their initial investments. The partnership agreement indicates that the bonus method will be used to account for any subsequent changes in 26 partner ownership 27 The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 28 following manner: 29 Nicholas is to receive a salary of s 31 36,000 Rudy is to receive a salary of $ 32,000 32 Interest is calculated on the beginning capital balances at a rate of 10% 30 10% 24 Nicholas is to receive a bonus based on net income after subtracting the bonus, salary allowance, and the interest. Also included in the agreement is the provision that there will be no bonus if there is a net loss or if salary and interest result in a 33 negative remainder of net income to be distributed. The bonus as a percentage is The remaining gain or loss is to be allocated to Nicholas and Rady in the ratio of 35 36 37 Each partner is provided a monthly draw of 38 39 Income for 2019 amounted to 40 41 On January 2, 2020, Wish joined the partnership by paying Nicholas and Rudy directly. For 42 this payment, Wish received a partnership interest of 43 44 The total amount that Wuh paid to Nicholas and Rudy was Sheet1 $ 1,200 $ 275.000 30% 225.000 10% 2:4 3 www $ 1,200 $ 275,000 30% $ that there will be no bonus if there is a net loss or if salary 33 negative remainder of net income to be distributed. The bonus as a percentage is 34 The remaining gain or loss is to be allocated to Nicholas and Rudy in the ratio of 35 36 37 Each partner is provided a monthly draw of 38 39 Income for 2019 amounted to 40 41 On January 2, 2020, Wish joined the partnership by paying Nicholas and Rudy directly. For 42 this payment, Wish received a partnership interest of 43 44 The total amount that Wish paid to Nicholas and Rudy was 45 46 The partnership agreement was revised to allow Wish 47 a salary of 48 Nicholas's and Rudy's salaries remain unchanged 49 . Interest is allowed on all partner's beginning capital balances at the previous rate. 50 Nicholas continues to receive the bonus as stated in the initial agreement, The remaining gain or loss is to be to Nicholas, Rudy, and Wish in the ratio of: 52 53 54 Each partner is provided a monthly draw of 55 56 Income for 2020 amounted to 57 225,000 $ 50,000 51 2:4:2 $ 1,200 $ 310,000 30% On January 1, 2021, Nicholas decided to retire and is paid an amount equal to his capital 58 balance plus a stated percentage of 59 After Nicholas's retirement, Rudy and Wish continue to receive their previously established salaries and interest. Remaining profits and losses are allocated to Ruday and Wish in the ratio 60 of 61 62 Income for 2021 amounted to 63 64 Required: 65 1. For each of the years 2019-2021, prepare a 66 Statement of Partnership Capital 67 b. Schedule of Income Allocation 68 S 330,000 14 C D E F G ANTIP 10 Information Nicholas and Rudy agree to form a partnership on January 1, 2019. Nicholas has operated a business a sole proprietorship for a number of years and will contribute the net assets of his business to the partnership. The 11 appraised value of the net assets in Nicholas's business are given below. 12 13 Cash $ 6,000 Receivables 12,000 15 Inventory 24,000 16 Property, plant & equipment 75,000 17 Accounts payable (10,000) 18 Accrued liabilities (23,000) 19 Mortgage payable (35,000) 20 Net Assets s 49,000 21 22 Rudy has significant experience in marketing and will 23 contribute cash in the amount of s 45,000 24 25 Nicholas and Rudy agree to begin operations with capital balances equal to their initial investments. The partnership agreement indicates that the bonus method will be used to account for any subsequent changes in 26 partner ownership 27 The Articles of Partnership (the partnership agreement) provide that income and losses are to be allocated in the 28 following manner: 29 Nicholas is to receive a salary of s 31 36,000 Rudy is to receive a salary of $ 32,000 32 Interest is calculated on the beginning capital balances at a rate of 10% 30 10% 24 Nicholas is to receive a bonus based on net income after subtracting the bonus, salary allowance, and the interest. Also included in the agreement is the provision that there will be no bonus if there is a net loss or if salary and interest result in a 33 negative remainder of net income to be distributed. The bonus as a percentage is The remaining gain or loss is to be allocated to Nicholas and Rady in the ratio of 35 36 37 Each partner is provided a monthly draw of 38 39 Income for 2019 amounted to 40 41 On January 2, 2020, Wish joined the partnership by paying Nicholas and Rudy directly. For 42 this payment, Wish received a partnership interest of 43 44 The total amount that Wuh paid to Nicholas and Rudy was Sheet1 $ 1,200 $ 275.000 30% 225.000 10% 2:4 3 www $ 1,200 $ 275,000 30% $ that there will be no bonus if there is a net loss or if salary 33 negative remainder of net income to be distributed. The bonus as a percentage is 34 The remaining gain or loss is to be allocated to Nicholas and Rudy in the ratio of 35 36 37 Each partner is provided a monthly draw of 38 39 Income for 2019 amounted to 40 41 On January 2, 2020, Wish joined the partnership by paying Nicholas and Rudy directly. For 42 this payment, Wish received a partnership interest of 43 44 The total amount that Wish paid to Nicholas and Rudy was 45 46 The partnership agreement was revised to allow Wish 47 a salary of 48 Nicholas's and Rudy's salaries remain unchanged 49 . Interest is allowed on all partner's beginning capital balances at the previous rate. 50 Nicholas continues to receive the bonus as stated in the initial agreement, The remaining gain or loss is to be to Nicholas, Rudy, and Wish in the ratio of: 52 53 54 Each partner is provided a monthly draw of 55 56 Income for 2020 amounted to 57 225,000 $ 50,000 51 2:4:2 $ 1,200 $ 310,000 30% On January 1, 2021, Nicholas decided to retire and is paid an amount equal to his capital 58 balance plus a stated percentage of 59 After Nicholas's retirement, Rudy and Wish continue to receive their previously established salaries and interest. Remaining profits and losses are allocated to Ruday and Wish in the ratio 60 of 61 62 Income for 2021 amounted to 63 64 Required: 65 1. For each of the years 2019-2021, prepare a 66 Statement of Partnership Capital 67 b. Schedule of Income Allocation 68 S 330,000